Acting In Concert (M&A Glossary)

Summary

Coordinated group activity by one or more entities. Such activity may include the agreement of a group of shareholders to acquire equity of a company (on the open market, via partial tender offers or otherwise) in order to take control of that company. If a number of persons are acquiring a target’s controlling equity in a series of open market purchases (known as a creeping tender offer) and are found to be acting in concert (i.e. concert parties), they may be required to declare their intentions once they jointly acquire a certain percentage of the target’s equity.